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AUDITING IN BODIES CORPORATE – Smart Strata | Body Corporate Management

AUDITING IN BODIES CORPORATE What is an audit? All bodies corporate must keep proper accounting records and prepare a statement of accounts for each financial year showing the income and spending, or receipts and payments of the body corporate for the financial year. An audit is an independent assessment and review of the accounting records […]

UNDERSTANDING BODY CORPORATE LEVIES: HOW THEY ARE DETERMINED AND WHAT THEY COVER – Smart Strata | Body Corporate Management

UNDERSTANDING BODY CORPORATE LEVIES: HOW THEY ARE DETERMINED AND WHAT THEY COVER In all strata communities, lot owners jointly share the responsibility of maintaining and managing common property and facilities. This responsibility involves paying body corporate levies, which fund the necessary expenses. Knowing how body corporate levies are calculated helps ensure transparency and gives owners […]

UNDERSTANDING PAYMENT CLAIMS UNDER THE BIFA: – Smart Strata | Body Corporate Management

UNDERSTANDING PAYMENT CLAIMS UNDER THE BIFA: Key Insights for Bodies Corporate When engaging contractors for building work — whether it’s painting, roofing, or large-scale remedial works — bodies corporate and their committees are likely to receive payment claims under Queensland’s Building Industry Fairness (Security of Payment) Act 2017 (BIFA). While the BIFA is designed to […]